As part of its restructuring and reorganizing curriculum, Oyo is planning to lay off at least 1,000 of its employees in India. The exercise is being conducted to rearrange teams throughout the business and trim the redundancies in the system. The reports suggest that the number is not fixed but somewhere around 1,000 seems like a right-sizing number. The founder and CEO of Oyo, Mr. Ritesh Agarwal said that the decision was not easy. To suggest employees to look for another career outside of Oyo bore down on him.
There are new strategies to be employed in 2020 and Oyo is in the process of reorganizing the teams to achieve new objectives set by the management team. The objectives stated are sustainable growth operational and customer excellence, profitability, and training and governance. The restructuring of the system will have some redundancies eventually leading to job losses as the company is looking for tech driven synergy, enhanced efficiency and reduce duplication of efforts across the geography of the business. The transition of the outgoing employees will be supported by the company and the firm will also provide assistance to these employees.
"Every Oyopreneur is important to Oyo and ensuring their well-being both during and after their tenure is our number one priority. I want to thank them for their efforts and apologize for the impact this is causing," Mr. Ritesh said.
Oyo stands by its outgoing employees and the shuffled employees who are now in more meaningful roles within the company. These employees were provided with mentorship, training, and tools to be successful.